Market Update - Dutchess County NY

Here is the latest market stats for Dutchess County NY:

As you can see the market has taken a strong decline. Sales are down, selling prices are down, days on market is up. The statistics were similar for July as well. Most of this can be accounted for due to the First Time Home Buyer Credit which expired earlier in the year. It altered the natural supply and demand. Unfortunately it appears as if the banks have begun adding more REO inventory to the market due to the high default rates. This will keep this artificially bad market moving in a downward direction. I expect prices to continue to decline well into 2011.

With rates still at all time lows, I expect the next six months to provide great buying opportunities for first time home buyers as well as move up buyers.